Investment Knowledge, Minimal Capital and Motivation For Influence of Investment Interest in Sharia Capmar

International Journal of Islamic Economics & Business Management in Emerging Market
(IJIEBMEM)
Investment Knowledge, Minimal Capital, Capital Market Training

and Motivation for Influence of Investment Interest in
Sharia Capital Markets
Akhmad Darmawan1, Julian Japar2

1,2
Management Study Program Universitas Muhammadiyah Purwokerto, Indonesia
Corresponding Author: akhmaddarmawan@ump.ac.id
Abstract: The purpose of this study was to determine the effect of investment knowledge,
the minimum capital, capital market training and motivation of the investment
interest shares in the capital market. The respondents of this study were students
of the Faculty of Economics and Business. The sampling method in this study
uses Non Probability Sampling. The data analysis technique used in this study is
multiple regression analysis. The results of the analysis show that investment
knowledge, capital market training and motivation have a significant positive
effect on the interest of stock investment in the capital market while minimal
capital partially does not affect the interest of stock investment in the capital
market.
Keywords:investment knowledge, minimal capital, capital market training, motivation,
investment interest
INTRODUCTION
The rapid development of the economy and communication technology provides so many
conveniences in the business world. This can be seen with the number of companies that
stand and develop by utilizing technological facilities. In addition, this business development
also has an impact on increasing competitiveness between companies so that each
company is required to always develop its strategy. One form of company strategy in
supporting company performance is by joining the capital market (Wibowo and
Purwohandoko, 2018).
Based on Indonesian Central Securities Depository (KSEI) data, the number of
securities accounts is still very small, namely 898,219 accounts. PT Indonesia Stock
Exchange (IDX) recorded the number of investors through the Single Investor Identification
(SID) has reached 1,210,000 as of March 2018. The number of investors has increased
every month. As of September 28, 2018, the Indonesia Stock Exchange released data on the
number of Indonesian companies that had successfully gone Public, totaling 600 companies.
The number of new companies can be one of the factors driving the number of investors,
especially in stock investment in the capital market. However, the large number of
companies alone will not significantly influence the growth of the number of investors if
awareness of investment from the community itself is still low. OJK in 2016 conducted a
survey regarding the level of literacy in financial comprehension. The survey results found by
the FSA show that only about 67.8% despite an increase but the financial literacy in the
capital market sector is still lower compared to other financial industries which is only 4.4%.
Even though the number of investors in the capital market is increasing every year, based on
data released by the Indonesian Central Securities Depository (KSEI), it is reported that
based on ownership, total asset shares until 29 July 2016 are still dominated by foreign
investors (Sakina, 2016).
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Interest in stock investment in the capital market is influenced by several other factors
including investment knowledge, minimal capital policies and capital market training (Wibowo
and Purwahandoko, 2018). Investment knowledge has a significant positive influence on
investment interest in the capital market, this shows that the higher a person's knowledge of
investing in the capital market, the interest to invest in the stock market will be higher
(Merawati and Putra, 2015).
Minimum capital is an initial deposit to open an account when you first start on the
capital market (Anwar in Wibowo and Purwohandoko, 2018). Nisa and Zulaika's research
results (2017) state that minimal capital has a significant positive effect on investment
interest. This shows that students will tend to invest if the minimum capital to invest is getting
smaller.
Capital market training is one of the educational programs implemented by the
Indonesia Stock Exchange (BEI) in collaboration with KSEI (PT. Indonesian Central
Securities Depository) and KPEI (PT. Indonesian Clearing and Guarantee Corporation)
(Merawati and Putra, 2015). The training is useful for giving knowledge to students, lecturers
and the general public about investing in the Indonesian capital market, not only in general
but also giving technical ways to invest (Merawati and Puutra, 2015). The results of Tandio
and Widanaoutra's (2016) research stated that capital market training had a significant
positive effect on the interest of stock investment in the capital market. This means that the
more people understand about investing in the capital market, the more interested they will
be in investing in the stock market and education is believed to increase this understanding.
Motivation is a formation of behavior that is characterized by forms of activities or
activities through psychological processes, both those that are influential by intrinsic and
extrinsic factors that can lead in achieving what is desired namely the goal (Situmorang et al,
2014). The research results of Saputra (2018) states that motivation has a significant positive
effect on interest in investing in capital markets. This explains that motivation has a direct
relationship with the interest of investing in shares in the capital market. The increasing
motivation of students in investing, the interest in investing stocks in the capital market is
increasing. This research is supported by Wirakusuma's research (2018) which states that
motivation has a significant positive influence on investment interest in the capital market.
So the purpose of this study is to analyze investment knowledge significantly positive
effect on stock investment interests, to analyze capital at least a significant positive effect on
stock investment interests in the capital market, to analyze capital market training have a
significant positive effect on stock investment interests in the capital market, to analyze
Investment motivation has a significant positive effect on investment interest in the capital
market.
UNDERLYING THEORY
Interest is a sense of preference or a sense of attraction towards a subject or activity, without
anyone giving instructions (Wibowo and Purwahandoko, 2018). Interest can be defined as a
tendency from a high heart as a desire or goal (KBBI). According to Salim in Aminatun Nisa
(2017) interest is considered to be an intermediary of several factors that have certain
impacts, the interest shows how hard a person is in trying and showing how efforts to
achieve something. In Theory of Planned Behavior, it is explained that a person's intentions
are influenced by an individual's attitude toward the intention he wants to do. In addition,
subjective norms and behavioral control also determine a person's intentions. So it can be
explained below if someone has an interest to make an investment then he will tend to take
an action so that the desire to invest is achieved, such actions as following the socialization
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and training on investment, accepting offers to invest and after that make an investment
(Situmorang et al, 2014).
Theory of Planned Behavior is the development of Theory of Reasoned Action (Ajzen
in Merawati and Putra, 2015) a person's behavior is determined by an intention, which is a
function of behavior towards subjective norms. Intention is able to predict behavior very well.
Intention is a cognitive representation of someone's readiness to behave, which is the
beginning of the formation of one's behavior. This intention is determined by three things;
behavior, subjective norms and controlling behavior. This theory is based on the assumption
that humans basically behave in a conscious manner, they consider the information available
and explicitly or implicitly also consider the implications of various actions taken.
Investment is the postponement of current consumption to be put into productive
assets for a certain period of time (Jogiyanto, 2017: 5). This means that the investment
makes a sacrifice of current consumption costs to obtain consumption or results in the future.
(Relly and Brown in Fahmi, 2014) provide an investment understanding is: "investment is the
current commitment of the dollar for a period of time to derive future payments that will
compensate the investors for (1) the time the funds are commited (2) the expected rate of
inflation (3) the uncertainly of the future payment. " From this understanding it can be
interpreted that investment is a sacrifice of consumption (money) in the present to obtain a
return or profit in the future. Investments can be divided into two types, namely direct
investment and indirect investment in which there are forms of investment, namely real
investment and financial investment.
Knowledge is information obtained by someone from a learning that has been received
and has been organized in human memory (Baihaqi, 2016). Understanding investment,
investment can be interpreted as a commitment to use some of the funds or resources to get
profits in the future (Tandelilin, 2010 in the book Suteja and Gunardi, 2016). From these two
definitions, if the conclusion is drawn, investment knowledge is information about how to use
some of the funds or resources that are owned to benefit in the future. Investment knowledge
is an understanding that must be owned by someone about various aspects of investment
starting from the basic knowledge of investment appraisal, the level of risk and the level of
investment return (Chaerul Pajar, 2017). A basic understanding of investment which includes
investment types, returns, and investment risks makes it easy for someone to make
investment decisions. Investing in the capital market requires sufficient knowledge,
experience and business sense to analyze which securities to buy (Merawati and Putra
(2015). Adequate knowledge is needed to avoid losses when investing in the capital market,
such as instruments stock investment.
Minimum capital is an initial deposit to open an account when first on the capital market
(Anwar in Wibowo and Purwohandoko, 2018). Minimum capital is the minimum initial deposit
for opening a securities account that has been set by a securities company (financialku.com,
2017). Investors today not only consider general factors before investing, they consider
several other factors. These factors are accounting information (all information about the
company's financial statements), self image (company information about the company's
reputation and position in the industry), classic (the ability of investors to determine economic
criteria), existence factors (considering whether the company is a company national or
international) and professional recommendations (recommendations and suggestions from
some people who are familiar with investment issues) (Nisa and Zulaika, 2017).
The existence of capital market training will further increase knowledge about the
capital market and also student investments so that they are able to choose the type of
investment they want, manage their investments based on knowledge of the returns and
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risks they will face. (Nelson in Manawati and Putra, 2015). Investment needs are carried out
by someone when their substantial needs are met, such as psychological needs and security
needs. Someone who has funds that exceed their substantial needs will think of utilizing
these funds. The minimum action taken to take advantage of the excess funds is saving or
depositing. This minimal action is carried out by people who are classified as afraid of risk
(risk averse). Unlike the case of people who are classified as risk takers, they tend to invest
their funds in forms of investment that provide greater returns even though the risks faced
are also large, such as investing in stocks. So the desire to invest arises because a person's
substantial needs have been fulfilled, so the needs that want to be fulfilled next are
investment needs, appreciation needs and self-actualization. This desire will later foster a
person's interest to do something that can show his ability, namely one of the ability in the
economic field, especially in the field of investment (Falk in Aminatun Nisa and Zulaika,
2018).
RESEARCH METHODOLOGY
This research uses quantitative research methods, quantitative research is a research
method based on the philosophy of positivism or philosophy that looks at reality / symptoms /
phenomena (Sugiyono, 2017). Quantitative research is used to examine populations or
samples. Researchers collect data using research instruments, quantitative / statistical data
analysis, with the aim to test the hypotheses that have been determined. The population in
this study were students of the Faculty of Economics and Business. The sampling method in
this study uses Non Probability Sampling. Data analysis techniques used in this study are
multiple regression analysis Data Analysis Methods using Descriptive Statistics, Classic
Assumptions Test consisting of Normality Test, Multicollinearity Test, Heteroscedasticity
Test, and Autocorrelation Test, for hypothesis testing using Multiple Regression Analysis,
Model Match Test Coefficient of Determination (R2), F Test and Hypothesis Test (t Test).
RESULTS AND DISCUSSION

Descriptive Statistics
Based on the results of the study the number of agreed answers has the greatest number for
each dimension of the investment knowledge variable. This shows that the majority of
respondents answered agree with the statements submitted by 681 frequencies with a
percentage (43.65%). The average value of the investment knowledge variable is 4.24,
which means good investment knowledge must be maintained.
The next result, the number of agreed answers has the largest number for each
dimension of the minimum capital variable. This shows that the majority of respondents
answered agree with the statement submitted by 571 frequencies with a percentage
(54.90%). The average value of the investment knowledge variable is 4.03, which means that
it is already good, so the minimum capital must be maintained.
dimension of the capital market training variable. This shows that the majority of respondents
(45.06%). The average value of the capital market training variable is 4.41. This means that
the Capital Market Training variable must be maintained.
The next result the number of agreed answers has the greatest number for each
dimension of the motivational variable. This shows that the majority of respondents answered
agree with the statement submitted by 682 frequencies with a percentage (43.71%). The
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average value of the motivational variable is 4.07, meaning that the motivational variable
must be maintained.
dimension of the investment interest variable. This shows that the majority of respondents
(42.46%). The average value of the motivational variable is 4.22, meaning that the
motivational variable must be maintained.
Classic assumption test

From the results of the classic assumption test which consists of the Normality Test, the
Multicollinearity Test and the Heteroscedasticity Test that has been done it can be concluded
that the variables used in this study such as investment knowledge, minimal capital, capital
market training and motivation are free from the Classical Assumption Test.
Multiple Regression Analysis

Multiple regression analysis can be seen in table 1 as follows:
Table 1. Results of Multiple Linear Regression Analysis
Coefficientsa
Unstandardized Standardized
Model Coefficients Coefficients t Sig.
B Std. Error Beta
1 (Constant) 1.375 .388 3.547 .000
Knowledge .284 .052 .301 5.424 .000
Capital .028 .063 .025 .445 .657
Training .113 .053 .125 2.114 .035
Motivation .261 .057 .269 4.559 .000
a. Dependent Variable: Interest
Based on table 1 above, the multiple regression equation can be seen as follows:
Y = 1,375 + 0,284X1 + 0,028X2 + 0,113X3 + 0,261X4 + e
The regression equation above can be explained as follows:
1. α = 1.375 means that if investment knowledge (X1), minimal capital (X2), capital market
training (X3) and motivation (X4) are 0 or fixed, then the purchase decision (Y) value is
1.348.
2. β1 = 0.284 The regression coefficient of investment knowledge variable (X1) has a
positive value of 0.284, meaning that if investment knowledge has increased by one unit,
then investment interest (Y) will increase by 0.284, assuming that other variables are
considered constant or constant.
3. β2 = 0.028 The regression coefficient of the minimum capital variable (X2) is positive at
0.028, meaning that if the minimum capital has increased by one unit, then investment
interest (Y) will increase by 0.028, assuming that the other variables are considered
constant or constant.
4. β3 = 0.113 The regression coefficient of the capital market training variable (X3) has a
positive value of 0.113, meaning that if the location has increased by one unit, then
investment interest (Y) will increase by 0.113, assuming that other variables are
considered constant or constant.
5. β4 = 0.261 The regression coefficient of the motivational variable (X4) has a positive value
of 0.261, meaning that if the location has increased by one unit, the investment interest
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(Y) will increase by 0.261, assuming that other variables are considered constant or
constant.
Coefficient of Determination (R2)

Calculation of the coefficient of determination can be seen in table 2 as follows:
Table 2. Coefficient of Determination (R2)
Model Summary
Model R R Square Adjusted R Square Std. Error of the Estimate
1 .482a .232 .220 .37527
a. Predictors: (Constant), Motivation, Capital, Knowledge, Training
Based on table 2 above, the determination test results can be seen the value of the
coefficient of determination (Adjusted R Square) of 0.220 or (22.0%). This shows that the
percentage contribution of the influence of independent variables (Investment Knowledge,
Minimum Investment Capital, Capital Market Training and Motivation) on the dependent
variable (Interest in Share Investment) of 22.1% or variations in variables in the model
(Investment Knowledge, Minimum Investment Investment, Training Capital Market and
Motivation) is able to explain 22.0% the dependent variable (Interest in Stock Investment).
While the remaining 78.0% is influenced or explained by other variables not included in this
research model, including; Investment risks, benefits, age, return, gender, technological
progress, income, and so on.
Model Match Test (F Test)

Based on the results of the model fit test, it can be seen the degrees of freedom df1 = 4 and
df2 = 255. Then the value of f table (4; 255) = 2.407 is obtained with a significance of 0.000.
Because the probability (0,000) is much smaller than 0.05, the regression model is accepted
or there is a model fit.
T test
Based on the t test the value of t for the Investment Knowledge variable is 5.424 while the
ttable value is 1.650781 (df = 260 - 2 = 258). In addition, the significant value is 0,000, less
than 0.05. Therefore tcount> ttable (5.424> 1.650781) and the significance value is less than
0.05 (0.000 <0.05), meaning that partially there is a significant positive effect between
investment knowledge on investment interest in the stock market. so the hypothesis is
accepted and H0 is rejected.
The next variable test results t test results for the t-test value for the minimum capital
variable is 0.445, while the t-value value is 1.650781 (df = 260-2 = 258). In addition, the
significant value is 0.657, greater than 0.05. Therefore, t count <ttable (0.445 <1.650781) and the
significance value is greater than 0.05 (0.657> 0.05), meaning that partially there is no
influence between minimal capital on the interest of investing in shares in the capital market.
so the hypothesis is rejected and H0 is accepted.
The next variable test results t test results for the value of t for the location variable is
2.114 while the value of t table is 1.650781 (df = 260-2 = 106). In addition, the significance
value is 0.035 less than 0.05. Therefore tcount> ttable (2.114> 1.650781) and the significance
value is less than 0.05 (0.035 <0.05), meaning that there is a partially significant positive
effect between capital market training on stock investment interests in the capital market. so
the hypothesis is accepted and H0 is rejected.
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The next variable test results t test results for the value of t for the location variable is
4.559 while the value of t table is 1.650781 (df = 260-2 = 258). In addition, the significant value
is 0,000, less than 0.05. Therefore tcount> ttable (4.559> 1.650781) and the significance value is
less than 0.05 (0.000 <0.05), meaning that partially there is a significant positive effect
between motivation on stock investment interest in the capital market. so the hypothesis is
accepted and H0 is rejected.
DISCUSSION
Effect of Investment Knowledge on Interest in Stock Investments
The regression test results of the influence of investment knowledge on stock investment
interests in the capital market indicate that the variable investment knowledge has a
significant positive effect on the variable interest in stock investment in the capital market.
The results of this study are in accordance with the planned theory of behavior, where
someone who has knowledge about investing tends to be more confident so that they
become confident with their investment choices. This confidence is able to control the
behavior in investing so that the higher one's knowledge of investment, the higher the
interest to invest in the stock market.
The results of this analysis are in accordance with the results of research conducted by
Ari Wibowo and Purwohandoko (2018) which states that the higher a person's knowledge of
investment, the interest in such investment is also high. The results of this study are also
supported by Rizky's research (2018) which states that investment knowledge influences
investment interest. Furthermore, the results of this study are also supported by research of
merawati and putra (2015) which states that investment knowledge has a significant positive
effect on investment interest. Furthermore, the results of this study are also supported by
Saraswati and Wirakusuma (2018) which states that investment knowledge has a significant
positive effect on investment interest.
The results of this study are different from the research of Aminatun Nisa and Luki
Zulaika (2017) which states that investment knowledge has no effect on investment interest
in the capital market. Knowledge of investment has not been able to influence investment
interest. The results of Malik's research (2017) state that investment knowledge negatively
influences investment interests in the Islamic capital market.
Adequate knowledge is very necessary to be developed so that things that are very
important to know about investment are maximized. Investment knowledge is very necessary
when investing such as stock investment instruments. Knowledge is also very necessary to
avoid undesirable events (losses) when investing in the capital market.
Minimal Capital Effect of Interest in Stock Investment

The result of the regression test of the influence of minimal capital on the interest of investing
in shares in the capital market states that minimal capital has no effect on the interest of
investing in shares in the capital market. The results of this study are not in accordance with
the theory of planned behavior, where the attitude of an individual person will affect one's
interest in his ability to make the decisions he wants to do. Minimum capital that is deemed
reasonably priced and can be fulfilled (paid) has not been able to influence interest in
investing in the stock market.
The results of this study are supported by the results of research conducted by
Dasriyan Saputra (2018) which states that Minimal Capital has no significant positive effect
on interest in investing in the capital market. Minimum capital does not have a direct
relationship with interest in investing in the capital market, investors currently do not consider
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minimal capital is one of the important things that need to be considered for investment. The
results of this study are also supported by the research of Raditya (2014) which states that
minimal capital has no effect on investment interest. Investors do not include minimum
capital as an important consideration before investing. Furthermore the results of this study
are supported by the research of Wulandari et al. (2017) which states that minimal capital
has a significant positive effect on students' interest in investing online.
The results of this study are different from the results of the research by Ari Wibowo
and Purwohandoko (2018) which states that minimal capital has a positive and significant
effect on investment interest. The ability of investors to meet (pay for) minimal capital
increases investment interest. While Aminatun Nisa and Luki Zulaika (2017) stated that
minimal capital had a significant positive effect on investment interest in the capital market.
The minimum capital determined has not been able to influence the interest of stock
investment in the capital market. FEB students' interest in stock investment in the capital
market is not influenced by the minimum capital size, because students are not concerned
with minimum investment capital.
Effects of Capital Market Training on Stock Investment Interests

The regression test results of the influence of capital market training on stock investment
interest in the capital market states that the capital market training variable has a significant
positive effect on the variable stock investment interest in the capital market. The results of
this study are consistent with the planned theory of behavior, where someone who has
knowledge of the capital market and investment tends to be more confident so that they
become confident with their investment choices. This confidence is able to control the
behavior in investing so that the higher one's knowledge of investment, the higher the
interest to invest in the stock market.
Timothius Tandio and Widanaputra (2016) which states that Capital Market Training has a
significant positive effect on Student Investment Interest. The results of this study are also
supported by the results of research by Ari Wibowo and Purwahandoko (2018) which states
that minimal capital has a positive and significant effect on investment interest.
Capital market training is able to increase the interest of FEB students to invest in the
capital market. This is because the lessons and knowledge generated can be more
convincing for investors to choose the right type of investment. The knowledge generated will
also make investors able to manage their investments based on knowledge about returns
and risks faced and investing procedures that are good and right.
Effect of Motivation on Stock Investment Interests

The regression test results of the influence of motivation on investment interest states that
the motivation variable has a significant positive effect on stock investment interests in the
capital market. The results of this study are in accordance with the theory of motivation.
When someone has been able to meet the needs of the substance, then the next need will
be a motivation for someone to take further action. Social needs, appreciation needs and
self-actualization needs can trigger someone to take actions or decisions outside of everyday
life. Someone who has excess funds and has fulfilled his substance needs will consider
investing to make use of the excess funds.
Aminatun Nisa and Luki Zulaika (2017) which states that the motivation of the benefits
obtained and the influence of friends and family who have entered the capital market that
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gains will motivate students to invest in capital market. The results of this study are also
supported by the results of Dasryan Saputra's research (2018) which states that motivation
has a positive and significant effect on interest in investing in the capital market. Motivation
has a direct relationship with the interest in investing in shares, the more the motivation of
students to invest increases, the more students' interest in investing in the stock market.
Furthermore, the results of this study are also supported by Saraswati and Wirakusuma
(2018) which states that motivation has a significant positive effect on investment interest.
Malik's research (2017) states that motivation has a significant positive effect on investment
interest. Rizky's research (2017) states that motivation has a significant positive effect on
investment interest in the capital market.
Motivation has an influence on the increasing interest of students to invest shares in
the capital market. The profits to be gained from stock investments and the influence of
relatives of respondents who have entered and obtained profits from investing in shares in
the capital market can increase the interest of respondents to invest shares in the capital
market.
CONCLUSION
This study aims to determine the effect of investment knowledge, minimal capital, capital
market training and motivation on stock investment interests in the capital market. Based on
the data analysis and discussion that has been carried out, the following conclusions can be
drawn: The results of the analysis show that investment knowledge, capital market training
and motivation have a significant positive effect on the interest of investing in shares in the
capital market while minimal capital partially does not affect the interest of stock investment
in capital market.
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Investment Knowledge, Minimal Capital and Motivation For Influence of Investment Interest in Sharia Capmar

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Investment Knowledge, Minimal Capital and Motivation For Influence of Investment Interest in Sharia Capmar

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International Journal of Islamic Economics & Business Management in Emerging Market

Investment Knowledge, Minimal Capital, Capital Market Training

Akhmad Darmawan1, Julian Japar2

RESULTS AND DISCUSSION

Classic assumption test

Multiple Regression Analysis

Coefficient of Determination (R2)

Model Match Test (F Test)

Minimal Capital Effect of Interest in Stock Investment

Effects of Capital Market Training on Stock Investment Interests

Effect of Motivation on Stock Investment Interests

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